New Jersey Resources Co. Plans Quarterly Dividend of $0.36 (NYSE:NJR)

New Jersey Resources Co. (NYSE:NJRGet Rating) declared a quarterly dividend on Wednesday, April 20th, Zacks reports. Stockholders of record on Wednesday, June 15th will be given a dividend of 0.363 per share by the utilities provider on Friday, July 1st. This represents a $1.45 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Tuesday, June 14th.

New Jersey Resources has a payout ratio of 59.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect New Jersey Resources to earn $2.44 per share next year, which means the company should continue to be able to cover its $1.45 annual dividend with an expected future payout ratio of 59.4%.

New Jersey Resources stock opened at $46.08 on Friday. The stock has a market cap of $4.43 billion, a P/E ratio of 29.92, a price-to-earnings-growth ratio of 3.32 and a beta of 0.55. The company has a current ratio of 0.69, a quick ratio of 0.45 and a debt-to-equity ratio of 1.32. The stock has a 50 day moving average of $44.19 and a 200-day moving average of $40.75. New Jersey Resources has a 52 week low of $34.41 and a 52 week high of $47.50.

New Jersey Resources (NYSE:NJRGet Rating) last posted its quarterly earnings results on Thursday, February 3rd. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.10. The business had revenue of $675.80 million for the quarter, compared to analyst estimates of $537.66 million. New Jersey Resources had a return on equity of 13.36% and a net margin of 6.23%. The business’s revenue was up 48.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. As a group, equities analysts predict that New Jersey Resources will post 2.3 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its holdings in shares of New Jersey Resources by 2.0% during the fourth quarter. BlackRock Inc. now owns 13,538,078 shares of the utilities provider’s stock valued at $555,874,000 after purchasing an additional 266,085 shares during the period. Wells Fargo & Company MN increased its holdings in shares of New Jersey Resources by 3.7% during the fourth quarter. Wells Fargo & Company MN now owns 2,629,177 shares of the utilities provider’s stock valued at $107,954,000 after purchasing an additional 93,033 shares during the period. Comerica Bank increased its holdings in shares of New Jersey Resources by 1.1% during the fourth quarter. Comerica Bank now owns 44,224 shares of the utilities provider’s stock valued at $1,711,000 after purchasing an additional 484 shares during the period. NewEdge Advisors LLC increased its holdings in shares of New Jersey Resources by 5.5% during the fourth quarter. NewEdge Advisors LLC now owns 8,249 shares of the utilities provider’s stock valued at $339,000 after purchasing an additional 432 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of New Jersey Resources by 27.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 433,222 shares of the utilities provider’s stock valued at $17,788,000 after purchasing an additional 91,993 shares during the period. 68.59% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently issued reports on NJR shares. Mizuho lowered New Jersey Resources from a “buy” rating to a “neutral” rating and set a $42.00 price target on the stock. in a research report on Wednesday, January 5th. Zacks Investment Research raised New Jersey Resources from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Friday, January 7th. StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, March 30th. Finally, TheStreet raised New Jersey Resources from a “c+” rating to a “b” rating in a research report on Monday, March 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $42.00.

About New Jersey Resources (Get Rating)

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.

See Also

Dividend History for New Jersey Resources (NYSE:NJR)

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